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Friday, October 8, 2010

Bank of America's Response to President's Pocket VETO

OKAY, First off I want to say I have NO intention of getting behind on our mortgage. As I have noted before we always make it in on time. I am even hopeful that if and when the economy recovers, and when OT picks up for Kev, and when I recuperate myself, we will even be able to get back to sending in extra each month like we used to, BUT, at the moment...

We live in Ga., which is not one of the 23 states that media has reported many banks have halted foreclosures in. Our state and a few others, actually allow foreclosure proceedings to begin after missing only one month. 15 days grace means 15 day grace. The past year, between battling cancer and dealing with rising costs of living, and falling overtime opportunities for my hard working blue color husband, I admit it has been rough. There have been plenty of times we have worried that this would be the month we were short for one of the mortgages (yes we have 2). But... Cast your cares upon the Lord:)

So, anyway The announcement about the 23 states was good news, but no help to us though.

I posted yesterday I was pleased with the President's decision to use his Veto powers. Well, today I can feel the change it brought about:)

Bank of America has announced ALL Foreclosure Proceedings Halted in ALL 50 States. Hurray. The bill President Obama pocket vetoed, also known as the “Interstate Recognition of Notarizations (IRON) Act  was written by Rep. Robert Aderholt, R-Al. This is A bill which by the way passed the Senate with unanimous consent and zero commentary by major media.

A bill that now that it has been stopped, we may see a number of things coming into the light, if Bank of America's move is any indication.

I have always said things are kept hidden until they cannot be hidden any longer.

I believe what will unfold in the near future is we will find out that the IRON act was for all intents and purposes "put in to effect" at some point between its introduction in 2005 and the mortgage crisis hitting the news. In other words Before it was a Law. Now, since the act did not pass there is going to be an awful lot of paperwork that is going to need clarification.

 All I know is it is an immense weight off our shoulders, to know that we have time for things to get better, time that we will not have to be stressing AS much about losing our home. I am sure sighs went out across many homes in America today:)

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